Leading crypto exchange platform Binance has signed an agreement with the authorities in Cambodia to develop a regulatory framework for the Asian country.
Binance, in a June 30 press release, announced the partnership with the Securities and Exchange Regulator of Cambodia (SERC).
Per the details of the agreement, Binance will work with the regulators to develop the nascent crypto sector. The exchange will share its technical knowledge and expertise on digital asset operations with the SERC. It will also conduct proper training on digital assets for the region.
Until now, activities in cryptocurrencies are banned in Cambodia as digital assets are not regulated. The partnership with Binance could prove strategic for Cambodia. The nation has the potential to be a leader in the South Asian market.
While buttressing this point Glen Kostarev, Binance’s head for the Asian region believes Cambodia can lead the digital asset industry. According to Glen, the nation’s economic growth rate and young tech-savvy population give it an edge.
In addition to the SERC agreement, Binance recently received the nod to operate in France. With the nod from France, Binance will further stretch its reach in the European market.
After being slammed with several compliance warnings in 2021 Binance has changed its operational mode. It now works with regulators to design a legal framework and build trust rather than entering first and complying later.
Binance continues to lead the Asian market
As several countries in the region continue to adopt a pro-crypto approach, the region is developing into a crypto hotspot. Binance has recorded several wins and established strategic partnerships in the region.
Binance continues to lead when it comes to helping governments with regulations and the adoption of crypto.
Recall that while other players in the industry were trimming their headcount due to the market conditions, Binance said it is looking to fill out 2000 new positions to expand its global operations.